Do Kwon, the co-founder of Terraform Labs, was arrested in March as he attempted to board a flight to Dubai. He is wanted in both the US and South Korea for charges related to the collapse of TerraUSD and Terra LUNA. A Montenegrin court has now sentenced him to four months in jail after he was found guilty of using a forged passport.
Kwon and Han Chang-joon, the former CEO of South Korea-based payments app Chai, were both arrested in March while attempting to flee to Dubai. Both men were charged with possessing forged passports bearing details of Costa Rica and Belgium. They had both pled not guilty.
Kwon’s $400,000 bail was quashed by a higher court and he now faces a mandatory six-month extension to his detention in addition to the four-month jail sentence. The collapse of his crypto platform saw over $40 billion in crypto value wiped out in days.
In addition to being wanted in South Korea, Kwon is facing extradition to the US where he has been indicted on multiple charges, including fraud.
